This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
News
SPI consortium withdraws CEDC offer
SPI Group has withdrawn its proposal to restructure troubled vodka producer CEDC, just days after placing a bid.
A bid made by the SPI Group consortium for embattled CEDC has been withdrawn after just seven days
The owner of Stolichnaya vodka, along with a consortium of other investors, including investment company A1 and CEDC shareholder Mark Kaufman, have pulled their bid offer of US$280 million cash and $650m in new debt to restructure the group, which was made just last week (21 March).
In a statement, the consortium said: “SPI Group had agreed to join a consortium consisting of A1 Investment Company and Mark Kaufman that was preparing a restructuring proposal in connection with the expected bankruptcy of CEDC.
“Today, however, A1, together with the other members of the consortium, determined the transaction was no longer sufficiently attractive.”
A spokesperson for SPI Group could not confirm whether the consortium has withdrawn its interest completely or would be reconsidering its bid for a second attempt at a later date.
Roust Trading owner Roustam Tariko has also launched a restructuring bid for CEDC, one of the largest producers of vodka in the world. He has offered to buy the notes he doesn’t own – approximately $155.3m – for $25m in cash and $30m in secured notes issued by Roust.